Manitex’s backlog at a five year-high

However the sales increased compared to the fourth quarter of 2020, when they totalled $45.2m. Gross profit in Q1 was $8.8m, or 18.7% of sales. The company said this figure was in-line with the $8.4m gross profit, or 18.7% of sales, generated in the fourth quarter of 2020.

Adjusted Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 24% to $1.9m. The $107m backlog recorded as of April 30, 2021 was at a five-year high.

Steve Filipov, CEO of Manitex International said: "Our first quarter results were in-line with our expectations and reflect increased net sales and adjusted EBITDA. Our backlog has grown consistently over the past several quarters, evidence of a healthy recovery in demand in many of the markets that our products are uniquely suited for, and has surpassed $100m, giving us confidence that we will achieve a year of growth in 2021.

“To put that in perspective, just slightly over a year ago, we reported a backlog of $57m, and thus, we're pleased with the progress that our global sales team is making. We recently announced $1.7m in follow-on orders for PM cranes from a large international military entity as originally announced in the third quarter last year.

"While the backlog indicates a healthy level of demand in each product category, there remain challenges with respect to logistics, supply chain, and input pricing that are typical at the early stages of a recovery. We will aim to work closely with our customers to collectively address the cost increases, protect our margins, and effectively manage our working capital. Given the visibility we have for acceleration in our sales and a more favourable product mix in the backlog, we anticipate progressively higher EBITDA and EBITDA margins throughout the year as we move towards our target of double-digit EBITDA margins.”